Equity investment management firm Times Square Capital Management released its US Mid Cap Growth Strategy Q1 investor letter. A copy of the letter can be downloaded here. US mid and small cap stocks performed erratically in the first quarter. In the first quarter, the strategy returned 10.16% (gross) and 9.95% (net), compared with the Russell Mid Cap Growth Index's return of 9.50%. Additionally, to know the best picks for 2024, check out the fund's top five holdings.
TimesSquare Capital US Mid Cap Growth Strategy covered stocks such as NICE Ltd. (NASDAQ:NICE) in its Investor Letter for Q1 2024. NICE Ltd. (NASDAQ:NICE) is a cloud platform provider of AI-driven digital business solutions. NICE Ltd. (NASDAQ:NICE) has a one-month return of -8.11% and its stock price has fallen 18.31% over the past 52 weeks. On June 27, 2024, NICE Ltd. (NASDAQ:NICE) stock price closed at $168.69 per share, with a market capitalization of $10.75 billion.
In its Q1 2024 investor letter, TimesSquare Capital US Mid Cap Growth Strategy stated the following about NICE Ltd. (NASDAQ:NICE):
“Among the wide variety of information technology companies, we prioritize critical systems providers, specialized component designers, systems that improve customer productivity and efficiency, and other companies that are closely tied to an increasing share of corporate IT budgets. Cloud-based contact center software and compliance system providers. NICE Inc. (NASDAQ:NICE) shares rose 31%. NICE's revenue and earnings beat expectations, and management's initial fiscal year guidance also beat expectations. The company won new business and is seeing increased adoption of its GenAI tools among customers.
Data scientist sitting in front of a monitor checking the performance of an AI-driven digital business solution.
NICE Ltd. (NASDAQ:NICE) is not included in our list of the 31 most popular stocks among hedge funds. According to our database, 26 hedge fund portfolios held NICE Ltd. (NASDAQ:NICE) at the end of the first quarter, up from 26 the previous quarter. In Q1 2024, NICE Ltd. (NASDAQ:NICE) reported total revenues of $659 million, reflecting the high end of its guidance range and representing a 15% increase from Q1 2023. While we recognize the potential of NICE Ltd. (NASDAQ:NICE) as an investment, we believe that AI stocks offer a better chance of delivering higher returns in a shorter time frame. If you are looking for AI stocks that are as promising as NVIDIA but trade for less than 5x its revenues, check out our report. Cheapest AI Stocks.
We've covered NICE Ltd. (NASDAQ:NICE) in a separate article, sharing Vulcan Value Partners' views on the company. Additionally, you can see our Hedge Fund Investor Letters Q1 2024 page for other investor letters from hedge funds and other leading investors.
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Disclosures: None. This article originally appeared on Insider Monkey.
